Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q2 2025)

As of Jun 30, 2025, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys - Cantaloupe, Inc., Champion Homes, Inc., Visteon Corporation

Increases - Ambac Financial Group, Inc., Bluelinx Holdings Inc., Warrior Met Coal, Inc., Kaiser Aluminum Corporation, Lennar Corporation, and 8 more

Reductions - Alamo Group, Inc., American Homes 4 Rent, CBRE Group Inc, 11017, Comerica Incorporated, and 14 more

Complete Exits - Brookfield Asset Management Ltd., CTO Realty Growth, Inc., Elme Communities, Equity, Green Brick Partners, Inc., and 7 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-10,677	-41.8%	$3.25M	14,869
Q2 2025	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy	+236,930	+64.7%	$4.28M	603,391
Q2 2025	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-1,494	-0.8%	$6.89M	191,066
Q2 2025	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell - Position Exit	-132,103	-100.0%	$0.00	-
Q2 2025	BXC Bluelinx Holdings Inc.	Bluelinx Holdings Inc.	Buy	+16,488	+55.2%	$3.45M	46,357
Q2 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-399	-0.2%	$23.08M	164,710
Q2 2025	CET 11017	11017	Sell	-9,398	-8.5%	$4.87M	101,812
Q2 2025	CMA Comerica Incorporated	Comerica Incorporated	Sell	-131,694	-43.5%	$10.21M	171,210
Q2 2025	CTLP Cantaloupe, Inc.	Cantaloupe, Inc.	Buy - Position Entry	+370,013	-	$4.07M	370,013
Q2 2025	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Sell - Position Exit	-63,000	-100.0%	$0.00	-
Q2 2025	DB Deutsche Bank	Deutsche Bank	Sell	-426,012	-29.4%	$30.18M	1,021,558
Q2 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-556	-0.7%	$10.08M	78,189
Q2 2025	ELME Elme Communities	Elme Communities	Sell - Position Exit	-93,000	-100.0%	$0.00	-
Q2 2025	EQC Equity	Equity	Sell - Position Exit	-55,000	-100.0%	$0.00	-
Q2 2025	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-1,895	-1.4%	$6.39M	132,663
Q2 2025	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-41,512	-16.4%	$5.69M	211,440
Q2 2025	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell - Position Exit	-5,000	-100.0%	$0.00	-
Q2 2025	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-118,508	-47.4%	$2.35M	131,461
Q2 2025	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+28,478	+4.6%	$29.41M	641,684
Q2 2025	ITIC Investors Title Company	Investors Title Company	Sell	-3,167	-8.1%	$7.55M	35,752
Q2 2025	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell - Position Exit	-38,000	-100.0%	$0.00	-
Q2 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-300	-0.6%	$13.22M	51,690
Q2 2025	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+9,707	+12.2%	$7.15M	89,535
Q2 2025	LEN-B Lennar Corporation	Lennar Corporation	Buy	+263	+0.2%	$15.58M	148,033
Q2 2025	MRP Millrose Properties	Millrose Properties	Sell	-30,193	-37.3%	$1.45M	50,697
Q2 2025	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-18,202	-25.0%	$9.91M	54,595
Q2 2025	OCFC OceanFirst Financial Corp.	OceanFirst Financial Corp.	Buy	+45,595	+39.1%	$2.86M	162,238
Q2 2025	ORI Old Republic International Corp	Old Republic International Corp	Sell	-237,853	-70.7%	$3.79M	98,535
Q2 2025	PCH PotlatchDeltic Corporation - Co	PotlatchDeltic Corporation - Co	Sell - Position Exit	-20,000	-100.0%	$0.00	-
Q2 2025	PHM PulteGroup, Inc.	PulteGroup, Inc.	Buy	+33,131	+51.9%	$10.22M	96,931

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